daytrades dec 13 afternoon

Thanks Tweets. Half-time round-up:

Shares advanced to a four-week high this morning as investors shrugged off bank reforms and inflationary pressures in China.

At lunchtime the ASX 200 was ahead 22 points or 0.5% at 4768, the market's highest level since early November. All sectors were trading ahead. Metals & mining was up 0.6% and financials up 0.7% as the market took a benign view of the weekend's news.

"The banks have been a significant laggard in market performance in recent months," Shaw Stockbroking senior dealer Jamie Spiteri told Fairfax. "It seems now the regulatory restrictions that may be placed on them won't inhibit their model here in Australia too significantly."

Asian markets rallied following the weekend's economic reports from China, where the central bank raised lending reserve requirements but left interest rates untouched. Japan's Nikkei was up 0.14%, Shanghai 1.33% and Hong Kong's Hang Seng 0.86%. Dow futures were recently at -9.

Spot gold survived an early wobble to trade recently at $1,384.70 an ounce, down 40 cents from Friday's close. Crude oil futures were flat at $87.81 a barrel. The dollar was buying 98.46 U.S. cents.


The government flogs the big four banks with a feather duster and the market stifles a yawn. Oh dear. There were some good trading opportunities elsewhere this morning. I nailed just one but it was a ripper. There's always a good chance of a bounce when the disappointment is as heavy was it was in MEO/MOG/CUE. Understandably, holders want to forget the whole sorry business and are willing to sell at pretty much any price to stop the pain. Commiserations to holders - I've been in your situation - but it delivered a high-probability trading opportunity in MEO from the open, especially after CUE rallied in the minutes beforehand.